Scheduled

Maximum

Carrying Value at

Maturity

Availability at

June 30,

December 31,

Stated Interest Rates

Dates at

June 30, 2011

2011

2010

at June 30, 2011

June 30, 2011

Mortgage and Other Secured Loans:

Fixed rate mortgage loans (1)

N/A

$

1,063,369

$

1,173,358

5.20% - 7.87% (2)

2012 - 2034 (3)

Revolving Construction Facility

$

225,000

175,001

142,339

LIBOR + 1.60% to 2.00% (4)

May 2012

Variable rate secured loans

N/A

309,923

310,555

LIBOR + 2.25% to 3.00% (5)

2012 - 2015 (6)

Other construction loan facility

23,400

16,753

16,753

LIBOR + 2.75% (7)

2012

Total mortgage and other secured loans

1,565,046

1,643,005

Revolving Credit Facility

800,000

342,000

295,000

LIBOR + 0.75% to 1.25% (8)

September 30, 2011 (9)

Unsecured notes payable

N/A

4,995

1,947

0% (10)

2015 - 2026

Exchangeable Senior Notes:

4.25% Exchangeable Senior Notes

N/A

225,539

223,846

4.25%

April 2030 (11)

3.5% Exchangeable Senior Notes

N/A

161,836

159,883

3.50%

September 2026 (12)

Total debt

$

2,299,416

$

2,323,681

(1)

Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $2.8 million at June 30, 2011 and $3.2 million at December 31, 2010.

(2)

The weighted average interest rate on these loans was 6.01% at June 30, 2011.

(3)

A loan with a balance of $4.5 million at June 30, 2011 that matures in 2034 may be repaid in March 2014, subject to certain conditions.

(4)

The weighted average interest rate on this loan was 1.95% at June 30, 2011.

(5)

Certain of the loans in this category at June 30, 2011 were subject to floor interest rates ranging from 4.25% to 5.50%.

(6)

Includes $221.4 million maturing in 2012 that may be extended for a one-year period at our option, subject to certain conditions.

(7)

The interest rate on this loan was 2.95% at June 30, 2011.

(8)

The weighted average interest rate on the Revolving Credit Facility was 1.14% at June 30, 2011.

(9)

This loan may be extended for a one-year period at our option, subject to certain conditions.

(10)

These notes may carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $2.0 million at June 30, 2011 and $1.1 million at December 31, 2010.

(11)

As described further in our 2010 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at the Operating Partnership’s discretion, our common shares at an exchange rate (subject to adjustment) of 20.8145 shares per one thousand dollar principal amount of the notes (exchange rate is as of June 30, 2011 and is equivalent to an exchange price of $48.04 per common share).  The carrying value of these notes included a principal amount of $240.0 million and an unamortized discount totaling $14.5 million at June 30, 2011 and $16.2 million at December 31, 2010.  The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%.  Because the closing price of our common shares at June 30, 2011 and December 31, 2010 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount.  The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands):

For the Three Months

For the Six Months

Ended June 30,

Ended June 30,

2011

2010

2011

2010

Interest expense at stated interest rate

$

2,550

$

2,380

$

5,100

$

2,380

Interest expense associated with amortization of discount

852

803

1,692

803

Total

$

3,402

$

3,183

$

6,792

$

3,183

(12)

As described further in our 2010 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash (up to the principal amount of the notes) and, with respect to any excess exchange value, may be exchangeable into (at our option) cash, our common shares or a combination of cash and our common shares at an exchange rate (subject to adjustment) of 19.3470 shares per one thousand dollar principal amount of the notes (exchange rate is as of June 30, 2011 and is equivalent to an exchange price of $51.69 per common share).  The carrying value of these notes included a principal amount of $162.5 million and an unamortized discount totaling $664,000 at June 30, 2011 and $2.6 million at December 31, 2010.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.97%.  Because the closing price of our common shares at June 30, 2011 and December 31, 2010 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount.  The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands):

For the Three Months

For the Six Months

Ended June 30,

Ended June 30,

2011

2010

2011

2010

Interest expense at stated interest rate

$

1,422

$

1,422

$

2,844

$

2,844

Interest expense associated with amortization of discount

984

927

1,953

1,840

Total

$

2,406

$

2,349

$

4,797

$

4,684

June 30, 2011

December 31, 2010

Carrying

Estimated

Carrying

Estimated

Amount

Fair Value

Amount

Fair Value

Fixed-rate debt

$

1,455,739

$

1,464,754

$

1,559,034

$

1,579,022

Variable-rate debt

843,677

849,935

764,647

769,247

$

2,299,416

$

2,314,689

$

2,323,681

$

2,348,269